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for four months in a row. meanwhile, growth continues to plummet around the world and in the united states. and ecri which we subscribe to and believe it is in our session right now. >> which they have been for a while, to be fair. >> they have. they have a good record on that. >> do you think we're in a recession? >> i do. i don't think all parts of the united states are. but i think we're incredibly close to that. i think the numbers are not actually accurate that the government projects there. but the last four months was remarkable because usually equities and growth, you know, merge together. sometimes equities anticipates it. sometimes it lags. but growth numbers keep falling. and yet the equity market keeps rising. i think the s&p is now -- should be thought of as a different sort of class of instrument used by investors around the world. i think now that the yield of the ten-year or of corporate credit, i think it hasn't been this tight since the '50s. and i think therefore if you look at it on a yield basis and if you believe that multinationals, leading multinational companies wi
in the economy is the united states. i think it was controversial last week. we got an unemployment number suddenly that was a grand conspiracy. i didn't see it that way because perhaps i'm not a black helicopter guy. but i do think that other than the united states, there's not a lot of momentum. and china and europe can pull the world down. you see today the world being pulled down. china is not doing much to help its situation. i think the estimates for china at 7 are wrong. it should be 5.6. >> change in power coming up in china. typically there is inaction on the part of the government in terms of huge programs where it be stimulus or not. many expect you may not get something substantive still march. there's also a great deal concern about the financial system. you hear it a lot. we all talk about the lack of validity of many of the statistic that is we still rely on. but within the financial system itself, where the debt really is, a number of metrics that are followed and thought to be worthy of following are not looking great. there's continued concerned. >> we're running smack in
the sitting president of the united states. it says a lot. >> seaside heights, jersey shore show, very hard hit for those mtv officials. >> the jersey shore of my youth is gone. amazing pictures. >> the sand in the middle of -- we don't know anything because if you look at long beach island, there's sand everywhere. you can't get to it to figure out how much money and property. it's property. >> true enough. back to the exchange, bob pisani has been on the case all morning long regarding how we're going to trade today here at nyse. good morning, bob. >> good morning. i'm back here in what's called the platform. this is sort of the data nerve center for the new york stock exchange behind me is lou, the head of floor operations and this is where all of the data comes in here. these are officials making sure feeds are coming in and everyone is getting data. it's a big day down here. it's pretty simple. they want a nice quiet and boring open would be fine with everybody. the ceo was here a few moments ago walking around making sure everything was fine. i caught up with him. he says so far, so g
was in the united states. if he solves that problem, coach will be at 60 in a nanosecond. >> coach, the third biggest gainer with the markets relatively flat. >> is there overall risk with coach in the luxury category? the more pervasive and ubiquitous they get, the less the high end eventually wants to own them. it's a very tough ride for retailers. the minute everybody owns them, nobody wants them anymore. we've seen that with brand after brand after brand. at what point do you worry about that with coach? >> it's a groucho marx situation. you don't want to be a member of a club that lets you in. but remember, coach is a good brand name. coach has been able to do a lot of brand extensions and be able to get margins. you have to execute so perfectly in that high end. look at burberry, they raised prices way too much and then they get pancaked, and people saying maybe that was an overreaction. look at michael cors. if you look as those outlet stores, you'd be surprised the even the outlet stores are dramatically high. somehow cors has got it. and coach has not. >> i've been in an outlet store
said on the conference call and he's talking about a sharp drop in business in the united states. on a macro level, how worried should we be? >> yeah. so definitely, the macro is weighing on technology. but at the same time, ibm has, we think, two issues that were more company specific and not as macro. for example, the software business, we estimate that it was impacted by $100 million to $200 million. a business that could have booked this quarter, but it looks like they'll be booked in december. they also have this power fresh processor going on. it looks like it's going to start ramping this quarter. >> what about the concern that they may not be as fully up to speed as everybody else is in the switch to cloud services? >> i would argue that ibm is one of the leaders in cloud. they've been very early in terms of the adoption. this impact businesses, hardware, software services. in hardware, they have this new platform called pure services that's designed for that. it's designed for analytics and big data. those are also, you know, great markets to be in. and then software, yo
fallen and obviously that means that you're keeping more demand in the united states and it's not being sucked out to oil imports. the converse of that is on the west coast and you have gasoline prices rocketing. what is going on at the moment? what is happening to demand in the economy as a result of the basic raw material? >> overall, while we've seen quite a bit of volatility and energy prices and gasoline prices as well as oil prices this yore, it hasn't been a major factor one way or the other. there's been a short-term boost and short-term restraint and it wasn't like 2011 when the $30 increase in oil prices in the early part of the year was the main reason and one important reason why especially the middle of 2011 turned out to be so disappointing. >> jan, always good to have you. thanks so much for coming by. jan hatzius with goldman sachs. >> with the s&p up half of 1%. let's go to courtney reagan. >> thank you very much, david. take a look at shares of buffalo wild wings off the highs of the day and still up firly substantially and we look at the broader index up 4.25% and thi
a little positive. united states, i'm not hearing enough negatives to be as glum as i would like to be. >> you would like to be glum? i don't think you want to be glum. >> buffalo wild wings wasn't that good even though i ordered three free separate orders of wings last week in ohio. that didn't make it. didn't happen. >> you must have worked those off in this morning's 4:00 a.m. workout. >> i'm dropping weight. people at home, it's by design. >> when we come back, exclusive with one of wall street's heavy hitters. lloyd blankfein, 11:00 a.m. eastern time. a lot to discuss and ahead, broadcom will be in talk about it's quarterly results. one more look at futures as we try to compare some of the damage from yesterday. back in a minute. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the inform
they are in china, versus where they are in europe. any time you speak positive about the united states, there's a drumbeat, i think, which says, come on, 8% unemployment, please. so you've got that figure so you are right. but we get a series of downgrades when the market is rallying. >> all of this trouble, all of this. >> houses come back in value, you're going to wish that you owned a bank because the bank is a housing play. >> let's talk about shares of metro pcs. the nation's fourth largest nation carrier, metro pcs merging with t-mobile usa. deutsch telekom will hold 75% of the combined company. the two sides acknowledged that they were in merger talks. the question now is, these are two companies with separate technology standards and this is early similar to sprint and nextel and what happened with that? i don't know if you can call that a resounding success? >> reporter: no, that is, of course, one of the worst deals of all time, under that unglorious pantheon. but the technology across all of their networks and be a fourth competitor in the wireless business. but we'll see. interest
one of the perks of being president of the united states. >> i'm revealing a secret that this has not been made public. a friend of mine came in to visit me, drove into the south lawn, had a chevy volt which is a wonderful car and he said, why don't you take it out for a spin. so we didn't tell the secret service and -- now i don't mean going out the gate, i just meant around --. >> this is this morning's "squawk on the street." what other products do you think the president has secretly tested. tweet us, and we'll get your response later this morning. i'm almost afraid to launch this on the american public. >> do you think a device like a cream, like a beauty product. >> it could be zzz quill, because proctor the rolling. a service, a reverse mortgage, it could be all kinds of things. >> a reverse mortgage. >> i heard a lot about reverse mortgages. >> i got offered one online yesterday out of the blue. >> well, great. the next big blow up. >> we have heard a lot of excuses about results this quarter, this earnings season, one company takes the gold medal for that. but first. >> u
the infrastructure outside of this country is not what it is in the united states and international showing signs of maybe not keeping pace with the u.s. >> i remember rick hill who used to be the ceo came on "mad money" and said go outside of the u.s. samsung do what apple is. samsung reports this remarkable quarter. china, tim cook did give that double digit threshold when intel got to one-third china intel took off. you did get the feeling of this, wait a second, if i were in korea right now i would say -- >> hong kong and singapore on the trains, on buses, on streets, you see samsungs and more rarely do you see an apple iphone. samsung results prove it. 18.8% margins. highest level in two years since adopting international accounting standards. they are on a trajectory that's higher but the holiday season may be tepid. >> who is funding the samsung expansion? apple. they use apple's chips. intel said you want to stop giving them business and give it to us. i think about what jobs said about intel which is they are plotting upward even though andy grove was a sometime friend of jobs. >> you me
of resistance. jim, you mentioned that. a third of the sales are outside the united states right now. can up da, asia and europe and those sales haven't been as good. so be careful about saying this means housing is slowing down. the insulation business is doing very well. finally, three entities cut their growth estimates on china today. jpmorgan, the imf and rio tinto as well two. around 8%, the imf at 7.8%. again, remember, guys, three or four months ago what side of 8% were you on on china, a number of them lowered the numbers today. guys, back to you. >> thank you for the owens-corning. i think that's confusing people and you straightened it out. great call. >>> the bond market is back in action after the columbus day holiday. rick santelli is live at the chicago exchange. hi, rick. >> hi, jim. psyched to be back. 66 billion in supply this week starting today with threes. so today near 1:00 p.m. eastern they close attention. our trends are down several basis points. if you look at the boons, they are up several but remember the fact that the bond market was closed yesterday, it is still ap
would finally have the triple whammy. europe not be good, asia not be good, united states not delivering. we're seeing it. look, it's not -- verizon didn't feel it, chipotle didn't feel it, parker hannafan says it was a disaster. mixed has been nearly stocky in the sense it's not -- i can't come up and say, you know, that was the execution of parker. it wasn't. they're in too many different businesses. obviously, you can't be thrilled here. you can't be thrilled. >> even today, to your point, you have a mixed bag. caterpillar on one side disappointing, freeport, peabody that looks a little better. how are investors to say all the noise and figure out what the signal is? >> peabody has been so down on its luck and so low that can bounce heavily short because india and japan ramping up a lot of coal production. japan has to because of nuclear. freeport trading down after frading up. there's a gloomy prism. so many people are saying, revenues aren't that great. we're picking apart everything we used to say. vf corp being the example. i'm looking, that looks good. i had eric weisman on, and
season, here in the united states things seem to be okay for the third straight quarter of more than $2 billion. more than $2 billion in sales. >> case-shiller also out this morning up half a percent in line on adjusted basis. we've been talking about that this morning. interesting to see how the storm will affect the housing market at large. >> and the apple story. >> the apple story. >> apple i find when it first happened i was looking at jim cramer on twitter, immediately you have to sell out. you have to sell out. whatever apple says, you have to sell apple. these two people who are out been promoted, you have to sell apple. the psychology of apple has gone from being this is an up stock to being i have to get out, it's important to recognize that has been a psychological shift on the stock. >> we'll have much more on all these stories later on in the show. meantime, damage assessments continuing all up and down the northeast seaboard. to eric fisher who is in narragansett, rhode island. eric? >> reporter: cnbc says we're just coming -- forget cnbc. weather channel, what's up. >> th
stephanie link a stat up on yum! we have 58 restaurants per million in the united states. >> 58? >> 58. the restaurant and retail group remains an incredible place to be, perhaps again people are trying to figure out how could employment be so weak in this country while our retailers, they are mining the resilience of the american consumer and just remarkable how well the consumers are. remarkable. >> speaking of big boxes, oppenheimer takes a cautious view on home depot. we heard from owen s corning. is this reinforcing cautionary call on housing? >> it's a wrong call. owens corning was disappointing. owens corning has become disappointing, unlike scotts miracle gro, can't shoot straight. i think home depot, this is a question of their execution, and home depot was a miracle in the way they run. can we just be proud for a second? he turns around home depot remarkably, duke has done a fantastic job, senegal left a great legacy at costco. these people are the greatest merchants no, offense to mickey drexel who is also a great merchant. >> owens corning said home pidto was purely on valu
company bringing together the third biggest mobile carriers of japan and the united states. it was said, i'm a man and every man wants to be number one, not number two or number three. masayoshi son. >> audacious two. one assumes he is rational as well. usually only rational people have that access to -- >> godzilla-like approach and looked like mothra. >> you know, it is a large deal. no way around that and, of course, somewhat complex try to break it down for you if you're a sprint shareholder you'll have the opportunity to ee will exto get either 730 in cash and/or own 30% of newco, new sprint and it will probably end up splitting 55/45. for 55% of your holdings so 730 in cash. for 45% you'll own the newcould sprintco sprintco. what does it mean for you at home? paying $6 and you're getting about 638 or so. 6.30, 6.38, somewhere in there. now, it's costing softbank roughly when you look at what they're spending they're buying about 1.6 billion shares at 5.25 and they're spending another 1.6 billion or so at 7.30 though their blended cost, 6.10 but it's a huge bet on the part of masayosh
's solve this. ♪ >>> citigroup making a big bet on the united states. the firm upgrading u.s. stocks to overweight. so why is citi so confident? joining us on the set, tobias, good morning. >> good morning, how are you? >> i'm actually slightly confused. spent much of the morning poring over this research. cnbc producers go swinging in all directions with excitement. you sat here, one month ago today, the 12th of september, and you said to us that your year-end target for next year was 1615 on the s&p. so a look at this thundering new vote. now you've upgraded u.s. secretaries equities 1615. the target is the same. i don't understand. what's going on? is this about downgrading japan? >> i think part of it is about downgrading japan. part is the earning revision momentum, changes around the globe, where the u.s. was where everybody else was, if you went back a few weeks ago. as everybody was downgrading earnings trends. and now the u.s. has kind of started to separate from what we're seeing around the world. and that does make sense to some degree. >> but to be clear, your view on thi
bit bigger than the united states is slower than people thought so big international companies are seeing roughly 20% of their businesses off in europe coming in slower and so people are taking estimates down again a little, not a lot. >> the other factor certainly seems to be the role of central banks here. if you look at gold taking a hit today. that would suggest that we don't have the kind of move where people are pricing in more action. if anything, it's pricing of less accommodative banks. is that legitimate in your view? does it have to do with "the new york times" article circulating this morning on talks of who would replace bernanke. >> i would go three factors. again, europe. i would go disappointment with last night. market is probably rooting for romney a bit and people would say obama did better last night and earnings expectations being lower than they were. let's not forget. market is about 14 times. that's a 7% earnings yield compared to 1.7 on treasuries. the market still looks attractive. >> i understand the classic thing to say is market is rooting for romne
a.m. in the united states the markets were up and our futures were up and there is the open and the ism number at 10:00 eastern time. you see the nice boost and it was the new orders component and people were surprised. new orders. they had an optimistic note and that brought us to the 1455 and 56 level. this is where we were last mop before the concerns about the spanish riots. simply put, it is a risk on day again. you have the financials. you have the materials. you have industrials all moving to the upside and the sector stocks and you can see what's going on. that's the important thing here. there is the market movers overall. heavy volume etf. it is just looking at the percentage change. where is the volume going in? put these up. will you see they're all in the commodity space. for example, we'll see the sill rer group moving today, the slb moving, the natural gas stocks. that's what's happening here. we're also seeing ultra long s&p 500s moves as well and the selling much bonds also going on on top of that here. how about dow stocking at new highs? we're seeing gener
? his mad dash is next. >>> plus, creating technology products near the united states means an executive is making such a move. we'll take a look once more at u.s. futures as we head to tuesday on wall street. the higher open across the board looks like much more "squawk on the street" straight ahead. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respecting wildlife. america's natural gas... domestic, abundant, clean energy to power our lives... that's smarter power today. i have a cold... i took dayquil, but i still have a runny nose. [ male announcer ] truth is, dayquil doesn't work on runny noses. what? [ male announcer ] it doesn't have an antihistamine. really? [ male announcer ] really. alka-seltzer plus cold and cough fights your
are made for u.s. banks. you know, the united states makes their own rules an what's in their best interest, but nonetheless this seemed to be potentially an afterburner for the second wave. the headline started showing up kind of around 8:00 eastern, but right between 9:00 and 9:15 is when all the very specific headlines came out and it seemed to time out well so we need to pay attention for that. of course especially how it impacts not only our banks but the european banks. jim, back to you. >> all right, rick. great to hear from you. let's check out the latest moves in energy and metals. sharon epperson? >> things are flying literally. that's part of the tension that we're seeing now is in the airspace, not even just on land between turkey and syria after turkish jets actually forced down a syrian passenger plane suspecting there may be weapons on-board. now a lot of traders are focusing on that factor as another et calculation scalatio. they're also concerned about heating oil. that's going to be the focus of the energy report. the american petroleum institute last night reported a huge
. there is trading today. though not in the united states. we'll take you live to europe for all of the movers overseas and what they could mean when the u.s. markets reopen whenever that may be. we'll follow hurricane sandy's path for you. thousands of flights being canceled because of this storm. we have an exclusive interview with ceo of expedia. a special "squawk on the street" live from cnbc headquarters continues right after this. >>> u.s. markets closed because of hurricane sandy. kelly evans is in london with the latest. >> melissa, hi. it's being described by some as storms on both side of the atlantic. ubs up 6.5% before financial times reported it may layoff up to 10,000 people and wind down its fixed income business. when that's the outperformer, not necessarily the best of days and also we have decliners outpacing advancers by 7-3 ratio. we have seen stocks make a comeback over the last 60 minutes or so. we could take a look at the sectors for a sense of where the leaders are. we are seeing perhaps four sectors in the green. tech, benefverages, real estate added. we can zero in on
in the united states but worldwide, what was a lot of demand and enthusiasm for that market has clearly slowed down as people have pulled back and said, is this market ready to grow as initially projected and, remember, a123 like so many other companies, they went into this by expanding aggressively over the last three years, some of that was department of energy loans that were taken out and now, we're starting to see, carl, that tire market there, they've pulled back and this is the latest example with a123 filing for bankruptcy protection. >> yeah, of course, phil on a day when we're going to have a presidential debate at hofstra, some are saying this might get lumped into the solyndras of the world after having got that money from doe. >> absolutely it will. mitt romney will no doubt -- i can't say -- guarantee that he'll bring it up but most expect him to and for a lot of reasons so i think that we'll hear more about this tonight and the days to come. >> all right. phil, thanks so much for that. phil lebeau joining us talking about a123 systems. meantime, gary is here, moved his way over
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